2% Interest rates and many other benefits are available for millions of homeowners thanks to President Obamas stimulus plan. Designed to help homeowners get a better mortgage and avoid foreclosure, this plan allows nearly any homeowner to get approved for refinancing or mortgage modification. Here is how it works and some things you should know:

In order to get approved for this stimulus plan, a homeowner must:

-Have a remaining balance of less than $729,500 on their home loan.

-Live in the home as a primary residence.

-Have closed on the mortgage prior to January 1st 2009.

-Be facing financial hardships or problems which make paying the mortgage impossible to do.

Millions of homeowners are having problems with their mortgages. The housing market has dramatically dropped in value leaving homeowners holding the bag. Many people thought there home would rise in value, and they would be able to refinance into a better loan in the future. However, since the housing market is in bad shape, many peoples homes have dropped in value, yet the mortgage remains the same, or increases if there is an ARM loan.

Right now foreclosure and mortgage defaults are at all time highs. Many homeowners think there is no hope, and lose their home. This is a huge reason why this plan has been enacted. Mortgage lenders, banks, homeowners, neighborhoods, no one benefits when a home is lost to foreclosure. That is why there is so much help available now.

This plan will give a homeowner an affordable mortgage refinance or modification solution. Using this program, a homeowner will get a mortgage payment that is no more than 31% of their gross monthly income. This will be a 10% or more reduction in payments for a lot of people. To achieve this, mortgage rates can be dropped to as low as 2%, mortgages can be extended in repayment length, or both.

Do not let your financial problems, bad credit, the dropping value of your home stop you from getting help. Mortgage refinancing and modification programs now exist for nearly any homeowner who needs help. Take advantage of the Government stimulus programs, and get the help you need to save money, or your home.

-M Petrone
http://www.RefinancingCondo.com

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